Among other things, when you get divorced, you may worry about what is going to happen with your home. Oftentimes, both spouses do not want to leave and are therefore unable to reach an agreement that works for them both. When this happens, couples are in what is known as a “contested divorce.”
Unfortunately, when couples cannot come up with the terms of their divorce on their own, they are forced to do so in a courtroom setting where a judge or jury will decide for them. Since both spouses have very little control over how the divorce ends up, both spouses are often dissatisfied with the outcome. If you believe your spouse will try and take the house from you, here are some of the questions you may have regarding your legal path going forward:
How does equitable distribution work?
As mentioned above, contested divorces fall into the litigation process, causing your assets to be subject to equitable distribution. Unfortunately, equitable distribution does not mean a 50/50 split. Instead, the court will determine a fair and just division of assets. However, the court does not always make the right decision, so you must hire an experienced attorney to ensure you have an effective plan going forward.
Is a house considered marital property?
When you get a divorce, your assets are broken down into two primary categories: marital property and separate property. Marital property includes all assets acquired during your marriage, while separate property includes assets accumulated before or outside of your marriage, such as gifts. Generally, only marital property is subject to equitable distribution in a divorce.
How will the courts determine who gets what in a divorce?
The courts will analyze several aspects of your lives to get a better understanding of where you and your spouse stand financially. Some of these factors are as follows:
- The duration of you and your spouse’s marriage
- You and your spouse’s age
- Whether you or your spouse are financially independent
- You and your spouse’s income
- The terms of your child custody, alimony, or child support
- Any debts or liabilities
- Whether you or your spouse will require a trust to assist paying for your child’s medical or educational costs
- Your marital standard of living
Contact our experienced New Jersey firm
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. One of the most important things you can do when going through a divorce is to hire a knowledgeable and compassionate divorce attorney. Do not settle for less than you deserve. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a consultation.